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Moody's gives Otter loan B1
Moody's Investors Service said it assigned ratings to Otter Products, LLC including a B1 corporate family rating and a B1-PD probability of default rating.
Moody's rated the proposed $400 million senior secured term loan facility at B1.
Proceeds from the term loan offering will be used to fund the $325 million acquisition of TreeFrog Developments, Inc. d/b/a LifeProof and for general corporate purposes.
The outlook is stable.
The B1 rating on the term loan is at the same level as the corporate family rating, reflecting its preponderance within the capital structure.
Moody's said the term loan is subordinate to the revolver since the ABL benefits from a first-lien security interest in the AR and inventory, which represents the most liquid assets. The term loan benefits from second lien on the AR and inventory as well as a first-lien on the stock of OtterBox and all other assets, the agency said.
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